ESTATE PLANNING


How Large Is Your Estate?

Although you don't have to pay any federal estate taxes until your taxable estate exceeds $5.34 million (the limit for 2014), you might be surprised by all the things the government counts in getting there. In addition, 21 states and the District of Columbia have their own estate taxes, and most kick in at a much lower level.

See Also: The Basics Special Report

In the worksheet below, the ownership column is included because how you own property is pivotal to how much of its value will be included in your estate when you die. In the "value" column, include the following:

  • The full value of property of which you are the sole owner

  • Half the value of property you own jointly with your spouse with right of survivorship

    Advertisement
  • Your share of property owned with others

  • Half the value of community property if you live in a community-property state

Also include the value of the proceeds of an insurance policy on your life if you own the policy, your vested interest in pension and profit-sharing plans, and the value of property in revocable trusts.

ASSETS VALUE WHO OWNS IT
Cash in checking, savings, money-market accounts
Stocks
Bonds
Mutual funds
Other investments
Real estate
Personal property (including furniture, cars, clothing, etc.)
Art, antiques, collectibles
Proceeds of life insurance policies you own on your life
Pension and profit-sharing benefits, IRAs, etc.
Business interests
Money owed to you
Other
TOTAL ASSETS

LIABILITIES
Mortgages
Loans and notes
Taxes
Consumer debt
Other
TOTAL LIABILITIES

NET ESTATE (total assets minus total liabilities):

Editor's Picks From Kiplinger


More Sponsored Links


Advertisement
Register

Market Update

Advertisement

Featured Videos From Kiplinger